Yitzi Salamon files plans to convert 2-unit to 9-unit in Fordham Manor

Yitzi Salamon submitted a major alteration application for a conversion of a two-unit residential (RES) building at 2690 Heath Avenue in Fordham Manor, Bronx to a nine-unit building. The plan was filed with the New York City Department of Buildings on December 1, 2022 under job number X08045118. It calls for a rehab of the two-story building. The project is described in the filing as: interior renovation, converting an existing two-family to a total of nine units (in a) residential building.

The property

The existing property with two residential units in Fordham Manor has 2,688 square feet of built space and 4,797 square feet of additional air rights for a total buildable of 7,472 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 25 feet and is 123 feet deep with a total lot size of 3,075 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $741,000.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Fordham Manor, The bulk, or 35 percent of the 18.2 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 28 percent of the space. In sales, Fordham Manor has near average sales volume among other neighborhoods with $131.1 million in sales volume in the last two years and is the 10th highest in Bronx. For development, Fordham Manor has near average amount of major developments among other neighborhoods and is the 8th highest in Bronx. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 203,584 square feet of the 293,501 square feet. The largest owner is Stagg Group, followed by Bashkim Celaj and then Pistilli Realty Group. On the tax block, there was one new building construction project filed totaling 27,899 square feet. It is a 24-unit, 27,899 square-foot residential (R-2) building submitted by Joseph Pistilli with plans filed October 30, 2015 and it has not been permitted yet.

The surrounding

Within a 400-foot radius of 2690 Heath Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, one was in new building development. It was a new building permit application filed on June 10, 2022 for a 14,795-square-foot residential (R-2) building with 23 residential units at 215 West Kingsbridge Road. Of those four items, three were loans above $5 million totaling $29.5 million. The most recent of the three was Yaakov Miller in which borrowed $6.2 million from Signature Bank secured by the 42,240-square-foot, 71-unit rental (D1) on 2698 Bailey Avenue on November 30, 2022.

Direct link to the property’s ACRIS page and link to DOB NOW portal.